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Hear, hear to the Biden Food and Drug Administration, which on Tuesday finalized a rule that Commissioner Robert Califf said will open up the hearing-aid market to competition and “unleash the power of American industry.” This is the right way to reduce prices.
The FDA rule will let Americans buy hearing aids over the counter rather than by prescription. This will expand the hearing-aid market and could save seniors thousands of dollars. The four largest manufacturers control 84% of a relatively small market. In 2019 the average retail price of a hearing aid was $2,284, about three times more than the wholesale cost.
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